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ChoiceTrade is a brokerage company founded in 2000. The broker is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company is focused on active and independent traders, providing them with the most state-of-the-art trading tools.
Members of the ChoiceTrade team have extensive experience in the securities industry. The broker operates as part of Let`s Go Trade Inc.
Trading conditions
There is only one type of account available to customers, and the broker charges a commission for it. The minimum deposit starts at $100. There is no information about the leverage on the company’s website. However, ChoiceTrade offers low commissions on stocks and options regardless of an account size. The broker charges a $5 commission on stocks and ETF trades and a $7 commission per trade on other instruments. Other charges include $25 per trade for foreign stocks trading in the US and from $5 to $10 for trading options.
The official website does not feature any information on bonus programs and promotions.
You also won’t find any tutorials or training materials for novice traders. This probably means that the broker mostly aims at experienced traders.
Trading platforms
All ChoiceTrade clients can trade on the broker’s official website and receive free real-time quotes. However, if traders need real-time streaming data, charts, and analytics, the company offers advanced trading platforms to suit all investment needs. For instance, Quotestream is a streaming quote application that traders can launch right from the website. Direct Pro is the cutting-edge desktop software designed for active stock traders. ChoiceTrade Elite is the latest premium web-based platform which provides swift options trading as well as analytical materials. All platforms come with easy to use and convenient mobile apps.
Quote Stream, Direct Pro, and Choice Trade Elite are available for an additional fee.
Customer support
The support service team is available from Monday to Friday between 09:00 and 17:00. On the website, you can find contact phone numbers and an email. Clients can also use a callback form.
Money deposit and withdrawal
With ChoiceTrade, customers can deposit or withdraw money only via bank transfer.
Pros and cons
Pros:
- regulated broker
- wide range of trading instruments, including stocks and options
- reliable customer support service
Cons:
- account fees
- trading platforms for an additional fee
- no training material and analytics available
- scarce information on the website
Conclusion
The broker can be a good choice for those clients who know exactly what they expect from trading. The lack of training programs as well as fees for account and platform usage can make ChoiceTrade less attractive for beginners on Forex. ChoiceTrade is still best suited for traders who place large transactions. Otherwise, trading with this broker may turn out to be unprofitable.
